5 Best Countries To Live In and To Build Generational Wealth

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America’s millionaires are on the move, according to the 2024 USA Wealth Report.

“Many of our clients are also using investment migration programs to diversify their assets and create new opportunities across multiple jurisdictions worldwide,” said Dominic Volek, Group Head of Private Clients at Henley & Partners.

When considering moving abroad or obtaining additional citizenship, consider a country’s specific economic, tax and legal policies, as well as overall stability.

GOBanking Rates talked to global relocation and tax experts to find the five best countries to build generational wealth.

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1. Switzerland

Switzerland has one of the highest annual salaries in the world, at nearly $7,500 a month, compared to $5,000 in the U.S. Add a low-key, outdoorsy lifestyle, illustrious wealth management and private banking services, and generous tax benefits, and you can see why the mountainous nation has topped the list of best countries for expats to earn generational wealth since 2011.

2. United Arab Emirates

The United Arab Emirates (UAE) is the top place in the world to start a new business and has maintained this ranking on the Global Entrepreneurship Monitors annual survey for the past three years. It offers favorable tax laws, a thriving business environment and opportunities for collaboration and networking. The UAE is also nestled between Europe and Asia with easy access to Africa, all of which are hot, emerging markets, said Benjamin Fields, a travel agency consultant.

3. Malta

Malta’s Golden Visa can be a golden ticket for those looking to build generational wealth through real estate investments on the Mediterranean island. A €100,000 minimum investment is required into a government-approved fund. You can either buy a property for at least $326,733 (€300,000) or rent a property with a minimal annual rent starting at around $10,891 (€10,000). The advantages include attractive tax rates, the path to citizenship and visa-free travel in Europe.

4. Singapore

Singapore is consistently ranked as one of the wealthiest countries measured by GDP per capita and because of its friendly business environment. The Asian country implemented tax laws favoring foreign investors. Entrepreneurs interested in starting a business or investing in Singapore and want a path to citizenship can apply for the Singapore Global Investor Program. Investment costs start at about $7.5 million.

5. Panama

It’s never too late to think about building generational wealth. Panama offers one of the most comprehensive retiree programs for expats in the world – the Pensionado Visa, said Mike Wallace, CEO of Greenback Expat Tax Services. With it, you can get significant reductions and exemptions for personal home mortgages, import taxes, utility bills, airline tickets and loans. To qualify, a retiree must have lifetime income from Social Security or a pension fund. General retirement accounts, such as 401(k)s or IRA, generally don’t qualify under the Pensionado Visa.

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This article originally appeared on GOBankingRates.com: 5 Best Countries To Live In and To Build Generational Wealth